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To: long-gone who wrote (57490)	8/21/2000 6:56:27 AM
From: long-gone	Read Replies (1) \| Respond to of 116764

US -------------------------------------------------------------------------------- Lawsuit against LTCM dismissed By Joshua Chaffin in New York Published: July 28 2000 23:33GMT \| Last Updated: July 29 2000 01:01GMT A federal judge has dismissed a lawsuit brought against Long Term Capital Management and the Wall Street banks that organised its bailout nearly two years ago. Shira Scheindlin, a US district judge, wrote in an opinion that the plaintiff, Lakonia Management, was not able to prove its "dramatic" accusations that the banks and LTCM management engineered the fund's demise in order to profit from its rescue in 1998. The highly leveraged fund stirred fears of a broader Wall Street crisis after it suffered heavy losses following Russia's debt default in 1998. Fourteen banks, including Goldman Sachs, Merrill Lynch, Morgan Stanley, Chase Manhattan, UBS and Deutsche Bank, co-ordinated with the New York branch of the Federal Reserve to rescue the distressed fund. They cobbled together $3.6bn to purchase 90 per cent of the fund.... news.ft.com